CASE STUDY

Trust Bank Powered Financial Inclusion in AngelHack’s hacksingapore 2023

industry

Financial Services

SERVICES

Hackathon

hacksingapore‎‏‏‏‏‎ ‎‏‏‎|‏‏‎ ‎‏‏‎‏‏‎physical hackathon

200+

developers attended TrustBank’s keynote & workshop

40+

developers attended a talk at Trust Bank’s office

Summary

Trust Bank, a leading advocate for financial inclusion, partnered with AngelHack, a global hackathon platform, to empower developers and drive innovation in financial services. Trust Bank actively engaged with over 200 developers as the financial inclusion track sponsor through a keynote address, workshop, and office immersion experience. The hackathon yielded creative solutions for scam identification and gamified savings, with top teams pitching directly to Trust Bank’s leadership, fostering collaboration and potential future partnerships.

Challenge

Millions worldwide remain unbanked or underbanked due to financial exclusion. Traditional solutions often struggle to reach these underserved communities, demanding innovative approaches that are agile and inclusive. Recognising this challenge, Trust Bank sought to harness the collective ingenuity of developers to tackle this complex issue.

Solution

Partnering with AngelHack, Trust Bank designed a dedicated financial inclusion track within the hackathon. This platform provided a springboard for developers to translate their ideas into solutions addressing specific challenges faced by unbanked and underbanked populations. Trust Bank hosted over 40 developers in their offices to foster deeper engagement, creating an immersive collaboration and knowledge-sharing environment. The event culminated in a keynote address and workshop led by Trust Bank experts, offering valuable insights and guidance to participants.

Impact

Attracting over 200 developers, the track produced diverse, innovative solutions. Participants focused on two key areas:

  • Scam Identification:
    Recognising the vulnerability of marginalised groups to financial scams, developers built AI and machine learning-powered tools to identify suspicious activity and protect users.
  • Gamified Savings:
    To encourage saving habits, especially among young adults, developers designed engaging and interactive platforms that gamified the saving process, making it more accessible and rewarding.

The most promising teams, comprising 7 finalists, were invited to present their solutions directly to Trust Bank’s leadership. This provided valuable feedback and opened doors for potential collaboration on implementing their innovative solutions. Beyond immediate outcomes, the event fostered a lasting community of developers passionate about financial inclusion, driving ongoing innovation in the field.

Conclusion

Trust Bank’s collaboration with AngelHack was a successful model for driving innovation in financial inclusion. By directly engaging with developers, the bank gained access to fresh ideas and solutions that tackle real-world challenges faced by the unbanked and underbanked. This collaborative approach yielded promising solutions and empowered a developer community committed to bridging the financial gap. Trust Bank and AngelHack paved the way for a more inclusive financial future by demonstrating the power of open innovation in addressing complex societal issues.



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